| (1) | A person who intends to run the insurance business shall obtain a license from the Financial Services Commission according to the types of insurance business stipulated in the following subparagraphs: |
| 1. | Types of life insurance business: |
| (b) | Pension insurance (including retirement insurance); |
| (c) | Other types of insurance business prescribed by Presidential Decree; |
| 2. | Types of non-life insurance business: |
| (b) | Maritime insurance (including aviation and transportation insurance); |
| (c) | Automobile insurance; |
| (f) | Other types of insurance business prescribed by Presidential Decree; |
| 3. | Types of Type 3 insurance business: |
| (d) | Other types of insurance business prescribed by Presidential Decree. |
| (2) | A person who has obtained a license referred to in paragraph (1) shall be deemed to have obtained the license on the reinsurance of the relevant type of insurance: Provided, That this shall not apply to an insurance company under Article 9 (2) 2; <Amended on Dec. 8, 2020> |
| (3) | A person who has obtained a license referred to in paragraph (1) for all types of insurance constituting life insurance business or non-life insurance business (excluding surety insurance under paragraph (1) 2 (d) and reinsurance under item (e) of the same subparagraph) shall be deemed to have obtained the license for the types of insurance constituting Type 3 insurance business. |
| (4) | A person who has obtained a license referred to in paragraph (1) for all types of insurance constituting life insurance business or non-life insurance business (excluding surety insurance under paragraph (1) 2 (d) and reinsurance under item (e) of the same subparagraph) shall be deemed to have obtained the license for the types of insurance newly created for the relevant life insurance business or non-life insurance business unless he or she has disturbed the soundness of economic order. |
| (5) | A person who has obtained a license referred to in paragraph (1) for Type 3 insurance business may sell the types of insurance stipulated under subparagraph 3 of Article 10. |
| (6) | A person who is entitled to obtain a license for the insurance business shall be limited to a stock company, a mutual company and a foreign insurer, and the branch office in the Republic of Korea of any foreign insurer which has obtained a license for insurance business under paragraph (1) (hereinafter referred to as "local branch of a foreign insurer") shall be deemed an insurance company incorporated pursuant to this Act. |
| (7) | The Financial Services Commission may impose terms and conditions on the license referred to in paragraph (1). |
| (8) | An entity that has obtained a license for an insurance business with conditions attached thereto pursuant to paragraph (7) may file an application for revocation or revision of such conditions with the Financial Services Commission, if any change in circumstances or any other justifiable ground occurs. In such cases, the Financial Services Commission shall render a decision within two months on whether to revoke or revise the attached conditions, and shall notify the applicant in writing of its decision without delay. <Added on Dec. 8, 2020> |
[This Article Wholly Amended on Jul. 23, 2010]